CBE auctions EGP 40 bln in treasury bills to fund budget deficit

The first issue amounts to EGP 23 billion, with a 91-day tenor that matures on 11 July, while the second issue totals EGP 17 billion, with a 273-day tenor, maturing on 9 January, 2024.

This auction follows the CBE's previous auction of T-bills on 4 April with a total value of EGP 38 billion, including 91-day, 182-day, 273-day, and 364-day tenors. The accepted bids amounted to EGP 4.97 billion, with an average yield of 22.3 percent.

The CBE typically issues T-bills on behalf of the Ministry of Finance to fund the budget deficit.

Egypt’s budget deficit rose to over EGP 367 billion (nearly $12 billion), or four percent of gross domestic product (GDP), during the first half (1H) of FY2022/2023 (July-December 2022).